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Treasury Futures Little Changed, Curve Continues To Steepen

US TSYS
  • Treasury futures are little changed this morning, TU is unchanged at 101-11.75, while TY is (- 00+) at 107-24
  • Volumes: TU 8k, FV 11k TY 15k
  • Cash treasury curve has continued it's steepening move with yields were 0.5-1.5bps higher, the 2Y +0.6bps to 4.979%, the 10Y +1.2bps at 4.624% while the 2y10y was +0.367 at -35.929 and now 13bps off lows from May 28th.
  • Earlier, Fed's Bostic acknowledged the inflation path as bumpy but indicated a downward trend overall but some uncertainty regarding reaching the 2% inflation target. He notes the job market's tightness akin to February 2020 and emphasizes significant price gains' breadth, which could influence confidence in rate cuts. Bostic suggests the possibility of rate reduction in the fourth quarter and stresses the need for patience, citing consumers' reduced sensitivity to high rates.
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